Local: Residential has assumed management rights for Australia’s largest operational Build to Rent development – Smith Collective on the Gold Coast.
The precinct, comprising 1,252 apartments and townhouses, was originally the athletes’ village for the 2018 Gold Coast Commonwealth Games. Now, it includes retail space, a public plaza, landscaped parklands and amenities such as pools, gyms and communal spaces.
Located five kilometres north of Surfers Paradise, Smith Collective is majority owned by the Abu Dhabi Investment Council (ADIC).
“With the remarkable growth and transformation in the Gold Coast area, combined with a dynamic asset that has consistently generated strong rental growth, ADIC is eager to see how Local will unlock the full potential of Smith Collective over the coming years, creating value for all stakeholders.”
Saoud Al Mulla, Executive Director, Real Assets, ADIC
Local: Residential’s Co-Chief Executive Matt Berg was part of the team involved in the original creation, development and capital raising for Smith Collective in their previous roles; a scheme that first connected them to the emerging Australian Build to Rent over a decade ago.
“[The deal] marks a transformative moment in Local’s growth strategy. It allows us to expand our community-centric, sustainable housing model into the Queensland region with Australia’s largest operational Build to Rent asset. The proven success and scale of Smith Collective provides a solid foundation for our interstate expansion.”
Matt Berg, Co-Chief Executive, Local: Residential
The deal brings Local’s total portfolio to 3,246 apartments either under construction or management, spanning five key Melbourne developments – Local: Kensington, Local: Box Hill, Local: South Melbourne, and sites at Southbank and Docklands – alongside Smith Collective. The platform’s portfolio is now valued at over $2.46bn.
